US auto sales crushed expectations in October

US auto sales surged past expectations once again, and remained at the highest levels in a decade.

According to Autodata, sales rose at an annualized pace of 18.24 million in October. The consensus forecast was an annualized pace of 17.7 million.

Throughout Tuesday, US auto-sales data for October rolled in on the heels of the fastest pace for sales in 10 years in the prior period.

Auto sales rose to an annualized pace of 18.2 million vehicles in September.

The strength of auto sales reflects the continued resilience of consumer spending that has sustained US economic growth this year.

In a client note, Barclays economists wrote: "The auto sector has continued to outperform expectations over the past few quarters as consumer spending on durable goods has grown at a robust pace. Today's results are the earliest reliable indicator of October consumption and suggest that private spending remains healthy."